LINCOLN — A new study by Credit Secrets ranks Nebraska as the most financially literate state in the country.

The No. 1 spot in the analysis by the online site that offers resources to boost credit scores was pleasing, though not necessarily shocking, to Richard Baier, president and CEO of the Nebraska Bankers Association.

“It’s a reflection of the things we’ve done well in Nebraska over the last four or five years,” said Baier.

Using data from institutions including the U.S. Bureau of Economic Analysis and the Federal Deposit Insurance Corp., the online site said its analysis used nine metrics across two areas: education and economic habits. The study also weighted financial stability and challenges.

Baier said the analysis pulled in information, such as high school diploma rates, that he hadn’t commonly seen in other comparative studies.

Among efforts that likely contributed to the Husker state’s “A” grade in the study, Baier said, is a 2021 state law intended to improve students’ personal finance skills, including budgeting, taxes, debt, risk management, investment strategies and credit-building.

The legislation added a half-credit high school personal financial literacy course as a graduation requirement in Nebraska and required incorporation of financial literacy into each public school district’s K-8 curriculum.

Baier recalled the united force on that bill by lawmakers who are often on opposite philosophical sides, State Sen. Terrell McKinney of North Omaha and State Sen. Julie Slama of Dunbar.

He highlighted other fun learning activities aimed at young people including In School Savings Programs supported by the Nebraska Council on Economic Education. Some 60 Nebraska schools participate in the program, which allows banks to set up real-life experience with banks in schools, with another 10 set to open this fall, said Baier.

Other student-targeted efforts include stock market game challenges and “train the trainer” workshops. Rock bands with a financial literacy message also have given school concerts, Baier said.

The Credit Secrets study also considered measures such as average credit scores, unbanked households and ratios of financial institutions and predatory lenders.

Credit Secrets said its report aims to spark a conversation about the need for stronger financial education across the nation.

This story was published by Nebraska Examiner, an editorially independent newsroom providing a hard-hitting, daily flow of news. Read the original article: https://nebraskaexaminer.com/briefs/study-ranks-nebraska-no-1-in-financi...